Drew grew up in an insurance family – both his father and mother were agents – so insurance was a natural career path. Through consultation with his father, John Maconachy, a founding partner in Maconachy Stradley Insurance, he determined the best path to success was to learn the insurance industry from the inside out. As a finance major in college he took every insurance course that was available to him. Following college, Drew went to work for AIG for 3 years as a commercial underwriter. While at AIG, he completed one of the strongest and most rigorous training programs in the industry: 9 months learning underwriting, claims management, and actuarial studies. As a result of this training and his ambition, he was able to grow his portfolio from $15h,000,000 to $25,000,000 and wrote the largest account in his team’s history.

[00:01 – 04:54] Opening Segment

Get to know Drew Maconachy

Commercial Insurance Consultant, an extension of their customer’s businesses

 

[04:55 - 22:18] Insurance 101

All Insurance is NOT Created Equal

Price is most important but you have to understand what you are buying

Reasonable Quotes for Insurances

The value of insurance for replacement costs

 

[22:19 – 31:16] Insurance Knowledge for Passive Syndication Investors

How to Know if Sponsors Have Done Due Diligence

Sponsors need to be realistic in their expectations when quoting policies

The Consequences of Unrealistic Quotes

The importance of having insurance agents and experts

 

[31:17 - 40:56] Closing Segment

Quick break for our sponsors

The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.  Learn more about Personal Capital at escapingwallstreet.com

What is the best investment you've ever made other than your education?

A handful of investments

Drew’s worst investment

Nursing home operating company in Texas

What is the most important lesson that you've learned in business and investing?

“Who you surround yourself with.”

Connect with Drew Maconachy through Facebook.

 

Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes                  

 

Tweetable Quotes:

“Don’t think that all insurance policies are made even.” - Drew Maconachy

“As business owners and investors we should always focus on value rather than price and understand the value that we get for our money.” - Drew Maconachy